According to a 2021 survey, almost 40% of respondents signed up for new services during the pandemic, as they expected these services would help them to better navigate these difficult times.
For example, in the United Kingdom, around 20% of the new box subscribers chose this option because they were not able to visit physical stores. The fact that even a higher share did so because they simply enjoy the subscription model suggests that businesses in 2021 should consider adopting a subscription option. Generally, in the countries considered in the present market report, absolute figures of the subscriptions market sales values were set to grow significantly over the next few years, though growth rates will decline.
Both globally, and in Europe specifically, “Boxes”, “Video”, and “Multiservice subscriptions” were the top three categories for consumers to have a subscription in 2020 and 2021 and were expected to remain the leaders in 2025.
Additionally, while in Europe the ranking was expected to stay the same in 2025, among the global consumers, “Multiservice subscriptions” were forecasted to outpace “Video”.
When it comes to payment methods, across selected developed global markets, the majority of B2C companies chose digital wallets for recurring payments, while B2B companies preferred bank wire transfers. Lastly, global B2B & B2C businesses made plans to invest substantially in expanding or upgrading recurring payment service implementation, and a further significant share of enterprises plan to implement similar solutions in 2021.